Can Bitcoin Reach the $150k Mark?
Pantera Capital suggests that the price of Bitcoin might surge to $148k following its upcoming halving event. Utilizing the stock-to-flow ratio, a metric assessing the relationship between existing and new supply in the market, the VC projects a potential increase to $35k before the halving and a subsequent rise to $148k.
Historically, Bitcoin halving events have correlated with price hikes due to their influence on the stock-to-flow ratio. Halving, which happens every four years, halves the rate of new Bitcoin entering circulation.
The 2024 halving will reduce the reward per block to 3.125 $BTC from the current 6.25, thereby increasing the stock-to-flow ratio. This heightened scarcity may bolster $BTC’s value.
The 2020 halving curtailed new Bitcoin supply by 43% compared to the prior halving, resulting in a 23% impact on price. If historical patterns hold, the next halving could become the peak of the next bull market, setting the price up in the sky...